Getting The Lead Out
Unleaded gasoline
(
HUG1 |
Quote |
Chart |
News |
PowerRating) is rallying for a
seventh straight day, lapping above its 50-day moving average, and powering to
its fifth consecutive session of new
New 10-Day Highs (and 20-day highs) and
higher lows. In the news today on the energy front are comments from OPEC
officials that they will likely increase the number of barrels per day they’ll
take off the market from 1.5 million to 1.7 to 2.0 million. Crude oil is showing
more subdued gains, up .25 to 28.20, in comparison to unleaded gasoline’s .0154
gain to .8360 ( a gain of 1.88%).Â
Two good ways to take
advantage of futures when they go into a momentum impulse phase (as demonstrated
by their standing on the New 10-Day High List or Momentum-5 List) is to either
trade the Off The Blocks
method or the 1090
Open.Â
Natural gas
(
NGG1 |
Quote |
Chart |
News |
PowerRating)
is rallying and trading on its high of the session on the view that the cold
that has descended upon major consuming regions of the US will linger longer
than thought and that California will continue to experience high demand to fuel
power plants stretched to meet high demand in a tight electricity market.
However, note in our Futures
Pre-Opening Outlook that a building number of small speculative positions
could lead to a long covering plunge.Â
Soymeal
(
SMH1 |
Quote |
Chart |
News |
PowerRating), now an Implosion-5
market, found support at its 20-day low in a Turtle Soup Pattern. The Turtle
Soup is a reversal pattern that occurs on the same day rather than on the following
day (as in the “Plus One”) and is among many patterns and trading
techniques identified in Larry Connors and Linda Raschkes Street
Smarts.